I know you have been asking this Question: What is the finance charge on a mortgage? Now to all the ECG members who wanna know about my private business, read carefully to the end.
A finance charge is the total amount of interest and loan charges you would pay over the entire life of the mortgage loan. This assumes that you keep the loan through the full term until it matures (when the last payment needs to be paid) and includes all pre-paid loan charges.
Loan charges include:
Origination charges
Discount points
Mortgage insurance
Other applicable lender charges
You can find your finance charge on page 5 of the Closing Disclosure form in the “Loan Calculations” section.
